Egypt announced on Tuesday that revenues from the Suez Canal dropped by 25% in the last fiscal year, which ended in June, largely due to ongoing regional tensions.

A report from the Central Bank of Egypt revealed that Suez Canal revenues amounted to $6.6 billion, down from $8.8 billion in the previous fiscal year, as reported by the Anadolu Agency.

Egypt's fiscal year runs from July 1 to June 30, according to the country's budget law.

Last Sunday, President Abdel Fattah el-Sisi stated that the nation has lost approximately $6 billion in Suez Canal revenues in the first eight months of this year due to geopolitical tensions.

During a graduation ceremony at the Police Academy, Sisi remarked, "The Suez Canal has lost 50-60% of its revenues—over $6 billion—because of regional tensions in the past eight months."

The situation has been exacerbated by conflicts in Gaza, Sudan, and Libya. Since November, the Houthi movement has launched missile and drone attacks against commercial shipping vessels, prompting many international shipping companies to avoid the Red Sea and the Suez Canal in favor of the significantly longer route around the southern tip of Africa.

These attacks have not only diminished Egypt's Suez Canal revenue but have also exacerbated the humanitarian crisis in Yemen and increased maritime insurance costs. The Houthis claim their actions support resistance in Gaza, while they are locally accused of attempting to evade peace obligations in Yemen.

The Suez Canal remains one of the world’s most vital waterways, serving as the shortest shipping route between Europe and Asia and serving as a key source of foreign currency for Egypt.